The Trader Daily

Wednesday's session, while not horrendously bearish, was quite a bit more negative than the minor loss in the E-Mini S&P 500 futures (Es) would lead you to believe.

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Wednesday's session, while not horrendously bearish, was quite a bit more negative than the minor loss in the E-Mini S&P 500 futures (Es) would lead you to believe. As far as the stats are concerned, Es regular session trading volume came in just shy of one million contracts, which is the heaviest volume we've seen since the August 15 swoon. Intraday travel (high to low range) totaled roughly 12 points, which is a bit beneath the 20-day average.

Let's move on to some of Wednesday's more concerning developments.

To begin, several leading areas of the market were under pressure all day. Both theTechnology Select SPDR Fund (XLK) and Powershares QQQ Trust (QQQ) opened Wednesday's session at their highest respective levels since late-2000, but sellers were ready and drove each ETF lower for the remainder of the session. Recent outperformers Twitter (TWTR) , Apple (AAPL) and FireEye (FEYE) were also taken out back and shot.

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Another outperforming sector that weakened on Wednesday is retail, specifically discretionary retail. Whether you prefer to use the SPDR S&P Retail ETF (XRT) or theConsumer Discretionary Select Sector ETF (XLY) , the end result was the same. Buyers finally pulled their bids and prices dropped.